PPP Loan Forgiveness
The Paycheck Protection Flexibility Act of 2020 has recently been enacted. This law is intended to relieve some of the challenges associated with the forgiveness provisions included in the original Paycheck Protection Program (PPP). SBA and the Department of the Treasury have indicated that formal guidance will be issued soon to provide banks and PPP borrowers with assistance clarifying how this new rule will affect forgiveness of PPP balances. Once this guidance has been issued, SaviBank will provide an update on the process to be used for requesting forgiveness of PPP loan balances.